Houston City Council is considering a 2-cent tax cut at their upcoming September 11 meeting. If passed, this will be the fourth tax cut in five years due to the voter-imposed property tax cap.
The rate cut, from 58.8 to 56.8 cents per $100, will add to the roughly $700 million that taxpayers have saved since the tax cap has been in place.
According to the Truth in Taxation summary, since 2014 the city has cut the tax rate by about 7 percent. The voter-imposed property tax cap requires property tax revenue to not grow faster than the combined rate of population and inflation or 4.5 percent, whichever is lower.
Council will vote at their September 11 meeting on the new rate.